Financial Utility · Repayment Engine
EMI Calculator & Amortization Planner
Instantly compute monthly EMIs for Home, Car, or Personal Loans. Generate month-wise amortization schedules and simulate prepayment interest savings.
Equated Monthly Installment (EMI)
Month-by-Month Statement
Amortization Schedule
| Month | Opening Balance | EMI Paid | Principal Paid | Interest Paid | Closing Balance |
|---|
Side-by-Side Analysis
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Frequently Asked
Loan Planning Essentials
What is EMI and how is it calculated?
Equated Monthly Installment (EMI) is a fixed payment made to a lender on a monthly basis. Formula: EMI = [P × R × (1+R)^N] / [(1+R)^N - 1] where P is principal, R is monthly interest rate, and N is duration in months.
How does making extra prepayments help?
Prepayments go 100% towards reducing your principal balance, which drastically lowers the cumulative compounding interest and shortens your total loan tenure.
Are Home Loan EMIs eligible for tax deductions?
Yes, under the Old Tax Regime, principal repayment qualifies for deduction up to ₹1.5 Lakhs under Section 80C, and interest paid qualifies up to ₹2 Lakhs under Section 24(b).
What is fixed vs floating interest rate?
A fixed interest rate remains unchanged throughout the loan term, ensuring predictable EMIs. A floating rate changes according to RBI benchmark movements.
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